Cash out refinance worth it?

[Juan Pablo Herrera]

Hello,

I owed a condo in FL, it's a 2/2 , bought it for $143,000 1.5 years ago. Our current mortgage is $749 + 314 of HOA a total of $1063 per month, our rate was 3.0% fixed for 30 years. The rents are going for $1800 - $1900 per month. I want to purchase another property and I'm thinking of doing a cash out refinance to use some of the money for the downpayment and the rest use it for another future downpayment.

Here are the terms:

Estimated value $202.285

3.875% interest rate 

3.972% APR

New monthly payment $1087 + 314 HOA total $1401

Closing cost $7762

Cash out money $44,066

They need to do an appraisal of the property still so I’m thinking maybe 50k cash out. 

Please let me know what you guys think of this deal and if it’s worth the time and money? 

[Juan Pablo Herrera]

@Jaron Walling Thank you for replying. We are looking for a house where we can station, start a family and keep the condo as a rental property. In FL they are going for around 340k a 3/2, double car garage, 1700sqft. On the other hand, a condo in our neighborhood sold for 237K so selling it, it's another option. Although, we were considering doing the cash out refinance as an option to free out the cash and invest it in other properties while we are still cash flowing with the condo. Regarding saving the money it will take us a few years. I do get your point and it makes sense too, but I think the idea is to try to accumulate as many properties by using leverage no?